MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Price Signal Summary - Bund Rally Results In Unwinding Of Oversold Trend Condition

OUTLOOK
  • In the FI space, Bund futures have reversed sharply higher. The strong impulsive rally is fast unwinding a recent oversold trend condition. Price has cleared the 20-day EMA and the focus is on the 134.00 handle next ahead of 134.57, 50.0% retracement of the Feb 2 - Mar 2 bear leg. On the downside, initial support lies at today’s intraday low of 132.37. A break of this support is required to highlight a bearish threat once again.
  • Gilt futures traded to a fresh high today of 102.06 before pulling back from the session high. The gap higher at today’s open, strengthens a short-term bull theme and suggests scope for a stronger corrective bounce. Price has tested resistance at 101.92, the Feb 24 high and a key short-term resistance. A clear break would open 102.20, the Feb 20 high. On the downside, initial support is seen at 100.91, the Mar 9 high and a gap low on the daily chart.
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